We don't yet know what the final deal to raise the debt ceiling will be. But now that Harry Reid is developing a proposal with $2.7 trillion in cuts and nothing in revenues, it's a safe bet that it won't include any tax increases. Which means that whether Republicans realize it or not, they've won. The question now is whether they can stop.
Originally, the Democratic position was that we should simply raise the debt ceiling. Republicans said "no." There would have to be a deal that reduced the deficit by at least $2.4 trillion -- which is the size of the debt ceiling increase needed to get us into 2013.
Then the Democratic position was that we should raise the debt ceiling through a deal that reduced the deficit by about $2.4 trillion, with $2 trillion of that coming from spending cuts and $400 billion coming from taxes. Republicans said "no." There would have to be a deal that disavowed taxes.
Then the Democratic position was that we should raise the debt ceiling through a deal brokered by Barack Obama that reduced the deficit by $4 trillion, with about $3 trillion of that coming from spending cuts and about $1 trillion coming from tax increases. Republicans said "no." There would have to be a deal that disavowed taxes, and it would have to be cut between the congressional leadership of the two parties. Obama couldn't have this as a win.
If you take the Republicans' goals as avoiding a deal in which they have to vote for tax increases and denying Obama a political victory, it looks like they have succeeded. That success has come with costs -- they've done themselves political damage, are risking a crisis that could do the economy tremendous harm, and have left the Bush tax cuts unresolved, which means they might end up watching taxes rise much higher than if they'd taken Obama's offer -- but it's still been a success.
The question is, what happens if they don't stop pushing?
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http://www.washingtonpost.com/blogs/ezra-klein/post/wonkbook-republicans-have-won-but-can-they-stop-there/2011/07/25/gIQAFHVIYI_blog.html